USDCAD: We're long with a wide stop

We entered longs here, risking 300 pips down. Shorting USDCAD doesn't seem to be safe for now.
We'll add to it if we break today's high on close, using a tighter stop for this shorter term trade.
I'll update with my entry.
Once we break the channel lines here, we can see rapid movement to the upside since price found support at the top of the Brexit daily range.

Good luck,

Ivan Labrie.

2 months ago

Comment:
If we a get a new daily high, we can tighten stops and add, for now, it remains as a riskier trade, but I like having it paired against my oil long. (oil long has a tight stop, it's already up 0.5%)

2 months ago

Comment:
Given the strength in oil, I'm keeping a small USDNOK position paired against it, but closing USDCAD here. I reshorted a small entry in USDMXN as well, after booking profits yesterday around here.

2 months ago

Comment:
Good exit! Nice profit for shorts, and good move in USDMXN.So all in all, in the green.

USDCAD interest rate decision key levels:

2 months ago

Comment:
USDCAD bottomed for now at the key level on chart, near the 1.3 mark.

Hi, it would depend on how you count waves. For me, I have no idea what the wave count is, but I see we can get a pullback around here after the move down. Also, I'm hedging some risk from other positions, it's part of a portfolio, not a single trade idea.
Thanks for the comments, cheers :)

These markets move on the Wave theory.And in long term cad/usd will drop seriously ;) but if u are day trader or hour trader is another thing.I am long term trader and for that these type of publications are not serious for me.

Yes, depends on the timeframe traded.
Wave theory, is not something I use. I don't consider it not serious, simply not something useful to me.
Feel free to disagree, it's ok. :)
I'm long oil, and think it can go considerably higher but it has yet to break above the recent peak, although it could happen today on the back of EIA news, so, it might be wise to close longs here and flip short soon. We'll see.